Seef Properties net profit up 12.2 per cent

Manama : Seef Properties yesterday announced financial results for the year ended on 31 December 2016 reporting a net profit totalling BD11.04 million. The board also decided to propose a cash dividend of 14 per cent, equivalent to BD6.44m at BD 0.014 per share.

Chairman Essa Najibi announced the results during a meeting held on February 21st 2017. 

For the full year 2016, the company reported an operating Profit of BD13.89m compared to BD12.68m in 2015, which resulted in an increase of 9.5pc. 

Consolidated Net Profit for year reached BD11.04m, compared to BD9.84m in 2015 – an increase of 12.2pc.  Gross Revenue was BD15.38m in 2016 compared to BD14.03m reported in 2015, which resulted in an increase of 9.7pc. 

Over the same period, total assets witnessed a growth of 14.6pc, reaching BD162.60m for the year ending on 31st December 2016 when compared to BD141.94m posted in 2015. Meanwhile, total equity of Seef Properties increased by 4pc from BD134.84m as of 31st December, 2015 compared to BD140.27m at the end of 2016.

In the fourth quarter, Operating Profit of Seef Properties jumped 27.3pc to BD3.83m from BD3.00m reported in the prior year quarter. Gross Revenue zoomed 28pc to BD4.38m from BD3.42m recorded in the same quarter a year ago. Q4 2016 Consolidated net profit reached BD3.91m compared to BD2.99m posted in 2015.

Commenting on the results, Chairman of Seef Properties Essa Najibi said: “Revenues across all segments have increased during the year which resulted in an increase in the overall operating profit.”